Binance Withdrawals Surge During CFTC Indictment
27 Mar 2023
The adoption of cryptocurrencies has accelerated in the past 2-3 years. Thanks to big names like Elon Musk, Coinbase has made transacting in cryptocurrencies more than just a passing-by fad.
The number of crypto payment gateways has increased tremendously recently, as well as the number of people who have started accepting P2P payments. While growth is happening in the crypto space, there are a few challenges that we are still solving. One of the biggest concerns is dealing with Anti-money laundering and dirty crypto money.
A few most commonly known crypto transactions and services that are considered as crypto dirty money are:
When you send your crypto to any wallet associated with illicit activities, you are flagging your existing wallet too. What that meant for you is once your wallet has a link with sanctioned, hacked, or illegal activity wallet, you will have a hard time spending the money you have in that wallet. Crypto exchanges might block your account to comply with AML and FATF guidelines.
Similarly, if your business accepts crypto payments, you need to ensure you are not accepting money that is dirty crypto money. Now, many of you might be wondering if there are solutions that will let you :
The good news is there are services that let you check any crypto wallet address on multiple blockchains for clean or dirty money. Such a service existed for a while, and with more adoption and guidelines, they are becoming popular. For savvy crypto users, these Crypto wallet checker services should be in their arsenal.
Here I’m listing the best services you should use for checking any crypto wallet address for AML compliances.
Walletchecker by AMLBot is a mobile app (iOS and Android) that lets you check any crypto wallet address on 25 different parameters. This one is easy to get started and best for personal use. The service offers 1-5 checks for free, and post that, it costs about $1/check.
You can use Walletchecker to:
Anti-money laundering bot is available as a web app and a Telegram app. This service serves both; an Individual and a business by offering Anti-money laundering checker API services.
Using the telegram app, you can check any crypto wallet addresses for the risk profiles based on different parameters. The telegram bot shows you the risk profile within the telegram chat window, and you can also request a .pdf file, which you could share with other users.
Here is how to use the AMLBot feature:
For you as an Individual or a business, it is of utmost importance to be mindful about sending and receiving cryptocurrencies. Bitcoin has enabled us to be our bank and opened a new financial system. However, compliance and anti-money laundering are big challenges the world faces. Such AML checker services are the solution to such a problem.
I will not be surprised if crypto wallets offer this as an in-built service in the future. I would be happier to see an option where we could reject an incoming transaction and safeguard our wallet from dirty money. If you are running a business, use a reliable Crypto payment gateway, which takes care of KYC and AML for high-risk transactions.
As an individual, here are a few things you could do –
I will update this resource with newer and modern services as we discover more such tools. You can save this resource as a bookmark and return later for an updated list of services. If you know of more such services or building one, reach out at hello[at]coinsutra.comNews appeared first on: Coinsutra.com